Summary Europe's single currency fell 0.9 percent to $1.3023 following news of the cut.
LONDON (AP) - The euro slid sharply after the European Central Bank surprised traders by trimming its main interest rate to a record low of 0.05 percent from the previous low of 0.15 percent.
Europe s single currency, which has been in retreat over the past few weeks on expectations that the ECB may pursue further stimulus measures, fell 0.9 percent to $1.3023 following news of the cut. The euro is now at its lowest level since July 2013.
Financial markets will be keeping a close watch on the upcoming press briefing from ECB President Mario Draghi. There are expectations that he may announce further measures, such as a Federal Reserve-style monetary stimulus of large-scale bond purchases, to boost the ailing economy of the 18-country eurozone.
